John purchased one contract of put options on Apple stocks. The expiration date is June 16, 2017. The option premium is $2.07 per share. The strike price is $135.(a)If the Apple stock price on June 16, 2017 is $132, will John exercise the put? What is the gross profit on the position?(b)What is the net profit on the position?(c) What is the net rate of return?